Magnite Seeks To Raise $350M Via Private Debt Offering

Independent sell-side advertising platform Magnite Inc MGNI announced its intention to offer $350 million convertible senior notes due 2026 in a private institutional offering.

• Initial purchasers of the notes will have a 13-day option to purchase up to additional $50 million notes.
• The capped call transactions are generally expected to reduce potential dilution to Magnite's common stock upon any conversion of notes.
• The offering proceeds would be partly used for capped transactions, along with its previously announced acquisition of SpotX, general corporate purposes, other potential acquisitions, and strategic transactions.
• MGNI's stock climbed 734% in the last six months.
• Price action: MGNI shares are trading lower by 4.8% at $46.85 in the premarket session on the last check Monday.